New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-02-16
SALARY OR NO SALARYf
WHAT AGITATES THE STOCK EXCHANGE.
SHALL 1HE PRESIDENT BIZ PAID FOR HIS SERVICES
nRAIECI ONCE nEEEAIEp.

SHALL IHE PRESIDENT BE PAID FOR HIS SERVICES
THE PROJECT ONCE DEFEATED.
special meeting OF the Governing Committee OF the
Stock Exchange will be held to-day to dispose OF some u
finished business left from the regular meeting last
week. The fact OF the extra meeting probably led to the
report that the subject Of discussion the question OF
making the presidency saaried Office. At the meeung
week ago a resolution this effect introduced by
Of the governors and in accordance with the usuai
rule It referred to the subcommittee constitution
which will be called upon to report at the next regular
meeting The subcommittee has not yet considered the
subject and In fact has had meeting since the new res
olution referred 10 It.
1.-THE question OF making the chief executive once OF
the exchange salared position is rot new ono IL re-
ceved great deal OF attention Immediately after tho
socaed bank panic in May. 1884, whom the
firm Of which the president at that time
was member was obliged to suspend payments. Inc
innumerable questions which the panic started ana
which demanded instant and decisive action could not DO
settled satisfactorily because the president OF the eA
chan found his troubles enough TO require MS un
divided attention.
The necessity OF having executive officer who couid
his entire time the internal affairs OF the Ek
change became apparent to many active brokers' APe'
ton started the floor aferward, requesting
tho Governing Committee to amend the constitution
so that the president should be man outside
Of active business and able give his whole time to the
arv should he gwen to nsrc faithful attendance we'll
as freedom from speculation The matter was discussed
at some length by the committee and finally II was re-
ferred back the board for formal ballot The prop
osiion defeated by the body which hadforcDy sug
gested IL. ,,.,no
In casting about for who could Ill the once nc-
ccptaby and who at the time were not engaged III
active business u found that the list or elgiDc can
didats was extremely small Men who had the abilily
and mears not inclined 10 accept nn once wnlcn
full OF annoyances well as honors ana wnen tns
idea OF large salary abandoned the list diminished
rapidly ]. Edward Simmons, now president ot the
Board Of Education. elected 10 the office In the fo
lowing year AMI held Il for two terms For the rst tic
in the history o the Exchange the president gave ms
whole attention the affairs and could be found IN MS
room from the opening the close OF business ready 10
settle knotty questions 10 calm excited disputes MI
simmons used and then that he would rather
be president of the Stock Exchange than To hod any
other office less than that Of President OF the United
States. nj .
The question OF making the position saaried once
was agitatcd again during the administration OF frcsl.
dent Simmons hut without result. strong party now
favors the project, but there are many brokors WHO
violently oppose it, Frank X. sturgs Of Work. strong *
Co. who is chairman of the Committee on Constitution
said yesterday: .. -.
THE committee has taken action on the matter re-
erred to IT, and should bc unwilling 10 make guess rs
10 what the decision might be. We shall probably nave
meeting I'm few days. for shall have 10 MAKE re-
port of kind at the next regular meeting OF thc Gov
ernlng Committee" .,
prominent member OF the Board remarked . am
thoroughly in favor OF the plan. and hope IL VIII De
adopted am sure that the floor would vote TOT IL ho"'